ACCOUNTS - Final Accounts

SOUTH WEST SKILLS ACADEMY LIMITED - Company Information

Caseware UK (AP4) 2016.0.208 2016.0.208 2017-07-312017-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalsefalse2016-08-01 09053067 2016-08-01 2017-07-31 09053067 2015-06-01 2016-07-31 09053067 2017-07-31 09053067 2016-07-31 09053067 c:Director1 2016-08-01 2017-07-31 09053067 c:Director3 2016-08-01 2017-07-31 09053067 d:ComputerEquipment 2016-08-01 2017-07-31 09053067 d:ComputerEquipment 2017-07-31 09053067 d:ComputerEquipment 2016-07-31 09053067 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 09053067 d:CurrentFinancialInstruments 2017-07-31 09053067 d:CurrentFinancialInstruments 2016-07-31 09053067 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 09053067 d:CurrentFinancialInstruments d:WithinOneYear 2016-07-31 09053067 d:ShareCapital 2017-07-31 09053067 d:ShareCapital 2016-07-31 09053067 d:RetainedEarningsAccumulatedLosses 2017-07-31 09053067 d:RetainedEarningsAccumulatedLosses 2016-07-31 09053067 c:OrdinaryShareClass1 2016-08-01 2017-07-31 09053067 c:OrdinaryShareClass1 2017-07-31 09053067 c:FRS102 2016-08-01 2017-07-31 09053067 c:AuditExempt-NoAccountantsReport 2016-08-01 2017-07-31 09053067 c:FullAccounts 2016-08-01 2017-07-31 09053067 c:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09053067

SOUTH WEST SKILLS ACADEMY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2017

SOUTH WEST SKILLS ACADEMY LIMITED

REGISTERED NUMBER:09053067

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2017

		2017		2016
Note		£		£

FIXED ASSETS
Tangible assets	4		1,210		388
			1,210		388
CURRENT ASSETS
Debtors: amounts falling due within one year	5	21,710		2,000
Cash at bank and in hand	6	7,859		17,424
		29,569		19,424
Creditors: amounts falling due within one year	7	(28,855)		(6,149)
NET CURRENT ASSETS			714		13,275
TOTAL ASSETS LESS CURRENT LIABILITIES			1,924		13,663

NET ASSETS			1,924		13,663

Page 1

SOUTH WEST SKILLS ACADEMY LIMITED

REGISTERED NUMBER:09053067

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2017

	2017	2016
Note	£	£

CAPITAL AND RESERVES
Called up share capital	8	100	100
Profit and loss account		1,824	13,563
		1,924	13,663

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr B W Freeman	Mr D Frew
Director	Director

Date: 23 April 2018

The notes on pages 3 to 6 form part of these financial statements.

Page 2

SOUTH WEST SKILLS ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

1.ACCOUNTING POLICIES

1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements use British Pounds Sterling as the presentation currency, and are rounded to the nearest £1 throughout.

The following principal accounting policies have been applied:

1.2

GOING CONCERN

The financial statements have been prepared on the going concern basis, which assumes the continued support of the company's parent company and directors.

1.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

SOUTH WEST SKILLS ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

1.ACCOUNTING POLICIES (continued)

1.4

TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment

20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

1.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

1.8

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.	GENERAL INFORMATION

South West Skills Academy Limited is a private company limited by shares, registered in England and Wales, registered number 09053067. The registered office is C/O Bishop Fleming, Chy Nyverow, Newham Road, Truro, Cornwall TR1 2DP.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 11 (2016: 11).

Page 4

SOUTH WEST SKILLS ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

4.	TANGIBLE FIXED ASSETS

		Computer equipment
		£
	COST OR VALUATION
	At 1 August 2016	485
	Additions	1,124
	At 31 July 2017	1,609
	DEPRECIATION
	At 1 August 2016	97
	Charge for the year on owned assets	302
	At 31 July 2017	399
	NET BOOK VALUE
	At 31 July 2017	1,210
	At 31 July 2016	388

DEBTORS

					2017	2016
					£	£


Trade debtors	21,710	1,900
Amounts owed by group undertakings	-	100
	21,710	2,000

6.	CASH AND CASH EQUIVALENTS
		2017	2016
		£	£

Cash at bank and in hand	7,859	17,424
	7,859	17,424

Page 5

SOUTH WEST SKILLS ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2017	2016
		£	£

Trade creditors	924	632
Other taxation and social security	5,027	4,417
Other creditors	19,916	100
Accruals and deferred income	2,988	1,000
	28,855	6,149

8.	SHARE CAPITAL
		2017	2016
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100 Ordinary shares of £1 each	100	100

9.	FIRST TIME ADOPTION OF FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 6